Letter Daniel 4

What Happened

• Daniel Letter, President of Prologis, received two awards of LTIP Units under the Prologis, Inc. 2020 Long-Term Incentive Plan: 16,573 units and 14,295 units (total 30,868 units). Each unit was reported at $0.01, for reported values of $166 and $143 (combined $309). These are derivative LTIP Units (awards), not open-market purchases or sales.

Key Details

• Transaction date (period of report): 2026-01-20; Form 4 filed: 2026-01-22 (timely filing).
• Price: $0.01 per LTIP Unit; Total reported value: $309.
• Shares owned after the transaction: not specified in the provided data/summary.
• Footnotes (plain-English):
  • F1: These LTIP Units vest 25% per year over four years, subject to continued employment.
  • F2: Vested LTIP Units can be converted into common partnership units and may be redeemed for cash equal to the fair market value of a Prologis share (or converted into one share at the company’s election); conversion/redemption rights have no expiration.
  • F3: Some LTIP Units may be issued in exchange for a cash bonus and vest 100% on issuance (per the plan language).
• Transaction type code: A = Award/Grant (derivative instrument).

Context

• These are compensation awards (long-term incentive units) rather than open-market purchases or sales; such grants are common for executives and reflect compensation structure rather than an immediate directional bet on the stock.
• Because these are LTIP Units (derivatives with vesting and conversion/redemption mechanics), their ultimate economic exposure depends on vesting and any later conversion or redemption into common stock or cash.